February 28 , 2022
CORE Industrial Partners (“CORE”), a manufacturing, industrial technology, and industrial services-focused private equity firm, announced today the acquisition of D&R Machine Company (“D&R” or the “Company”), a provider of CNC precision machining solutions for the aerospace & defense market, by CORE portfolio company Cadrex Manufacturing Solutions (“Cadrex”).
The Cadrex platform was formed in 2021 and includes 1.5 million square feet of manufacturing space and more than 2,000 employees across eleven states as well as Mexico.
Founded in 1971, D&R Machine specializes in high-complexity CNC milling, CNC turning, and assembly for the aerospace & defense market through a variety of applications, including auxiliary power units, starter generators, structures, rotor systems, and control systems. The Company utilizes a fleet of nearly 40 CNC machines and has the capability to machine castings, forgings, and block and bar stock from a range of materials, including aluminum, stainless steel, magnesium, titanium, nickel, and high-temperature alloys, brass, bronze, and plastics.
Dedicated to driving efficiency through investments in state-of-the-art machine tool equipment and automation, D&R has outfitted many of its machines with bar feeders, pallet changers or gantry loaders to augment its fully automated machining cells. The Company is headquartered north of Philadelphia in Southampton, Pennsylvania, and operates an ISO 9001 and AS9100 certified and ITAR-registered facility.
Matthew Puglisi, Partner at CORE, said, “D&R serves as an integral partner to its customers, spanning from evaluation of manufacturability through full-scale production of high-precision CNC machined components and assemblies. The Company’s differentiated, technology-enabled manufacturing capabilities and aerospace & defense expertise are compelling attributes and a strong fit with the Cadrex platform.”
Brian Steel, Chief Executive Officer of Cadrex, said, “With the addition of D&R Machine to the Cadrex family, our expansive North American footprint of 21 facilities now includes dedicated aerospace & defense manufacturing facilities on both coasts as well as in the Midwest. We look forward to leveraging our differentiated scale and breadth of capabilities to partner with our valued customers.”
Paul Redante, President of D&R, said, “On behalf of the entire D&R family, we’re excited to take this next step in the Company’s 50-year history. We believe our focus on continuous improvement produces superior engineering, quality, and delivery performance that will only benefit from our new partnership with Cadrex and CORE.”
Winston & Strawn LLP provided legal representation to Cadrex and CORE in the transaction.
About CORE Industrial Partners
CORE Industrial Partners is a private equity firm with $700 million of capital commitments investing in North American lower middle-market manufacturing, industrial technology, and industrial services businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a proven track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies. For more information, visit www.coreipfund.com.
About Cadrex Manufacturing Solutions
Cadrex is one of the largest manufacturing partners in North America and the largest mechanical solutions provider, with 21 facilities located in eleven states and Mexico. Offering a unique breadth of capabilities and technical expertise, Cadrex rapidly brings innovative customer programs from concept to scale. Cadrex’s decades of specialized experience designing and manufacturing for the information communication technology, warehouse automation & robotics, kiosk & gaming, aerospace & defense, renewable energy & electrical infrastructure, and medical sectors make it a trusted partner in its customers’ supply chains. For more information, visit www.cadrex.com.
About D&R Machine Company
D&R Machine Company is a provider of CNC precision machining solutions for the aerospace & defense end market. The Company specializes in high-complexity CNC milling, CNC turning, and assembly across a range of materials and has made significant historical investments to automate production across its fleet of nearly 40 CNC machines. Headquartered in Southampton, Pennsylvania, D&R operates an ISO 9001 and AS9100 -certified and ITAR-registered facility. For more information, visit www.drmachine.com.